Friday, April 28, 2017

Shanghai Gold Exchange to launch new platform to streamline trading and delivery of gold purchases

The Shanghai Gold Exchange announced on April 28 that they are launching a new platform known as the GEMS-2 Platform which will both change the designation and access on the exchange for brokers and traders, and streamline the trading and delivery of physical gold.

The Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange, is set to launch its GEMS-2 trading system on May 2nd, 2017, a measure that it said will benefit both China’s domestic gold market and the global precious metals market. 
SGE said in a circular that the launch of GEMS-2 platform will introduce the concept of Seat as the principle business unit of each member. As such, the concept of former propriety account and brokerage account will be converted to propriety seat and brokerage seat. This is in addition to splitting the former trader and brokerage codes to represent its propriety seat. 
Aimed at finding the market-wide price in the world’s No.1 gold mining and importing nation, SGE has added 3 new market orders on the basis of the former limit order: five best prices fill-or-kill orders (five best prices FOK orders), five best prices fill-and-kill orders (five best prices FAK order) and five best prices immediate-to-limit orders. - Finance Magnates

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